{"id":1004351147,"date":"2019-09-10T04:40:06","date_gmt":"2019-09-10T12:40:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004351147"},"modified":"2021-05-10T02:06:36","modified_gmt":"2021-05-10T10:06:36","slug":"hcp-to-acquire-cambridge-building-for-333m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hcp-to-acquire-cambridge-building-for-333m\/","title":{"rendered":"HCP to Acquire Cambridge Building for $333M"},"content":{"rendered":"
\"\"<\/a>

35 Cambridge Park Drive<\/p><\/div>\n

HCP has entered into a definitive agreement to purchase a 224,000-square-foot life sciences office building in Cambridge, Mass., for $332.5 million from a joint venture between The Davis Cos. and Invesco Real Estate. The transaction is expected to close this December. The sellers developed the LEED Gold-certified property in 2018 using $115.8 million in construction financing provided by M&T Bank, according to Yardi Matrix data. <\/p>\n

Located at 35 Cambridge Park Drive, the life sciences office asset<\/a> is adjacent to the MBTA Alewife Red Line station and bus terminal and roughly 8 miles southeast of downtown Boston. The five-story building features 10,000 square feet of common-area amenities including a lobby with coworking space, a restaurant, a fitness center, lockers and bike storage, as well as green spaces and outdoor seating.<\/p>\n

The property was fully leased at the time of the agreement to five companies, with an average lease term of 10 years and weighted average lease escalators of 3 percent. Per Yardi Matrix information, the tenant roster includes Syros Pharmaceuticals, Codiak BioSciences and Ribon Therapeutics.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Davis Cos. and Invesco Real Estate developed the LEED Gold-certified property in 2018. The transaction is expected to close by year-end.<\/p>\n","protected":false},"author":748,"featured_media":1004351150,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21783,21742,10,21747],"tags":[32816,33882,35120],"class_list":["post-1004351147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-investment","category-latest","category-northeast","category-office","tag-hcp","tag-invesco-real-estate","tag-the-davis-companies"],"acf":[],"yoast_head":"\nHCP to Acquire Cambridge Building for $333M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hcp-to-acquire-cambridge-building-for-333m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HCP to Acquire Cambridge Building for $333M\" \/>\n<meta property=\"og:description\" content=\"The Davis Cos. and Invesco Real Estate developed the LEED Gold-certified property in 2018. The transaction is expected to close by year-end.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hcp-to-acquire-cambridge-building-for-333m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-10T12:40:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-10T10:06:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/35-Cambridge-Park-Drive-e1568114308125.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lucia Morosanu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hcp-to-acquire-cambridge-building-for-333m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hcp-to-acquire-cambridge-building-for-333m\/\",\"name\":\"HCP to Acquire Cambridge Building for $333M - 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